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Henry M. Paulson Jr. has seen the problems, possibilities and power of China firsthand. As CEO of the investment banking firm Goldman Sachs, “Hank” Paulson helped multiple state-owned Chinese enterprises sell stock for the first time. These IPOs unmasked state-owned enterprises’ odd structure; these companies resembled city-states, each providing housing, hospital care, police protection and other services to employees and their families. The process of preparing state-owned enterprise IPOs made Chinese firms more efficient as they tried to blend capitalism with Chinese socialism. The slowing pace of reform of state-owned enterprises mirrors the slowing of the Chinese economy, which may threaten the Communist Party’s dominance. getAbstract recommends Paulson’s anecdotal details, ample insight and in-depth analysis.

In this summary, you will learn

How multiple state-owned Chinese firms sold stock in milestone public offerings,

How the Strategic Economic Dialogue improved US-China relations, and

Why the US needs to balance cooperation and competition with China.

About the Author

A former US Treasury secretary, Henry M. Paulson Jr. is a former chief executive officer of investment banking firm Goldman Sachs and past chairman of The Nature Conservancy.

Summary

A Front Seat to History As a former CEO of investment banking firm Goldman Sachs and as US Treasury secretary, Henry M. Paulson Jr. dealt extensively with Chinese leaders. One of them, Zhu Rongji, organized the first stock exchange in China since the Communist Party came to power. Zhu...